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Commercial Real Estate in North Texas

One of the strengths that make us a leader in real estate in North Texas is our ability to match buyers and sellers of investment property. North Texas is a thriving business community and opportunity abounds. The statistics speak for themselves.

There is so much to consider when purchasing a vacation rental or any investment property. Here’s a quick run-down of some of the pitfalls we see buyers fall into most often:

3 Mistakes to Avoid when Home for Lease or Vacation Rental

Purchasing an investment property, is a big decision and we understand that it’s important to get it right. Let’s start by avoiding these common mistakes we see over and over:

  1. Ignoring Zoning– Few things are as commonly misunderstood in our business as zoning. It is critical that we insure that a potential property has the correct and LEGAL zoning for your purposes. For example, R1 zoning in North Texas indicates residential, single family zoning. Generally speaking, R1 properties are allowed to have one B&B unit. R2 zoning is highly prized and allows multi-family or mixed use. In R2 areas, you may have several rental units on the property, depending on the size/density of the lot and the type of units. Zoning can be VERY complicated and hard to navigate even for those who have been on the North Texas real estate scene for a while. This is our specialty. Give us a call to be sure the property you are looking at is legally zoned for your intended use.
  2. Confusing Your Goals– All clients are NOT the same. All clients’ goals for owning an investment property are not the same. One client is purely interested in earning the maximum possible return on investment. Another client hopes to spend several weekends and even holidays each year in their new property. Some clients want to maximize occupancy at all times while others prefer a higher priced property with lower occupancy to reduce wear and tear on what may end up being their retirement home. Which property is best for YOU depends on what YOUR goals are. That fact is easy to lose in the exciting shuffle of looking at charming properties.
  3. Focusing on What YOU Like– Seems reasonable, right? Yes, if you are one of those clients above who is really looking for a property to buy as a part-time rental, part-time family getaway. If, however, you are looking to purchase as a business investment you need to ask, “What would my paying GUESTS want?” We are in the fortunate position of knowing EXACTLY what guests are looking for and what they will or will not pay extra for. If you don’t really care for hot tubs, but guests rate a private hot tub as their #1 desired amenity, does it really make sense to refuse to install a hot tub? Not if you are looking for maximum return.

There is no cookie cutter answer for each client. Everyone’s goals as well as their likes and dislikes are different. We understand that fact and are ready and able to find the right property that meets your unique needs. Doing a little homework now can avoid sitting in detention later! Give us a call today, and let’s begin your journey!